Australian electricity and gas markets – August 2024 Update
05 September 2024
05 September 2024
Stakeholders should note the market updates below, and note any impacts on their compliance obligations.
On August 1 2024, the Australian Energy Market Commission (AEMC) released its final determination and more preferrable final rule on its Managing ISP project uncertainty through targeted ex post reviews rule change. Under the final rule:
The final rule commences on 4 September 2025.
On 8 August 2024, the AEMC released its draft determination and more preferable draft rule on its Shortening the settlement cycle rule change. The draft rule shortens the national electricity market (NEM) settlement cycle from 20 business days to 11 business days.
Under the draft rule, the 11 business day settlement cycle will be implemented from 30 April 2026.
Stakeholders are invited to submit feedback on this draft rule by 3 October 2024.
On 15 August 2024, the AEMC released its final determination and more preferrable final rule on its Unlocking CER benefits through flexible trading rule change. The rule change:
The AEMC has set an implementation date of 1 November 2026 for the majority of the new rules. However, it expects the in-built metering rule changes to be implemented by 31 May 2026.
On 22 August 2024, the AEMC released its draft determination and more preferrable draft rule for its Retailer reliability obligation exemption for scheduled bi-directional units rule change. The rule change:
Stakeholders are invited to provide feedback by 10 October 2024.
On 15 August 2024, the AEMC released its final determination and more preferrable final rule on its Unlocking CER benefits through flexible trading (retail) rule change.
The rule change supplements the related change to the National Electricity Rules (NER) by defining the rights and obligations of retailers in respect of secondary settlement points and associated meters.
No gas rule change requests were initiated in August 2024. No AEMC determinations relevant to the National Gas Rules were published.
The AEMC is seeking feedback on its:
The AER is seeking feedback on its:
The Australian Energy Market Operator released its Engineering Roadmap – FY2025 Priority actions report for the NEM on 15 August 2024. The Report groups its 37 priority actions across three focus areas:
Authors: Dan Brown, Partner; Dale Gill, Partner, Paul Newman, Consultant, Carl Franzmann, Graduate and Ethan Low, Paralegal.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.
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